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Bank of America (Asia) Ltd. Dec 03
Standard & Poors, Dec 2003
Abstract
The public information rating on Bank of America (Asia) Ltd. (BOA-Asia) reflects the bank's above-average asset quality, strong capitalization, and good liquidity. These positive factors are partially counterbalanced by pressure on the bank's profitability in a low interest rate environment and sluggish growth in demand for loans. BOA-Asia is a subsidiary of Bank of America Corp. (A+/Positive/A-1) and is incorporated in Hong Kong. It is a consumer and commercial bank and had 16 branches in Hong Kong and Macau at the end of 2002. The bank has a shareholding of 25.5% in QBE Hongkong & Shanghai Insurance Ltd. (A+/--/--), a composite life and general insurance company. The bank generates fee income by selling insurance products provided by QBE Hongkong &...
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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